Document Retention Policy
Document Retention Policy
The Law Offices of Kenneth H Dramer, PC (hereinafter the “Company”) shall retain records for the period of their immediate or current use, unless longer retention is necessary for historical reference or to comply with contractual or legal requirements. Records and documents outlined in this policy include paper files and documents, electronic files (including e-mail) and recorded customer verifications for sales. Records and documents referenced in this policy may be stored on network servers, desktop or laptop computers, or in file cabinets. This retention policy must be agreed to by written signature of the authorized representative of all Company affiliate offices (“affiliates”). Affiliates may indicate their acceptance of this policy by signing and dating at the bottom of it and returning their original signature page to Company.
All data and records should be stored as securely as possible in order to avoid potential misuse or loss. All data and records will be stored in the most convenient and appropriate location having regard to the period of retention required and the frequency with which access will be made to the record. The degree of security required for file storage will reflect the sensitivity and confidential nature of any material recorded.
The Company will not knowingly destroy a document with the intent to obstruct or influence an investigation or proper administration of any matter within the jurisdiction of any governmental agency or in relation to or contemplation of such matter or case. If an official investigation is underway or even suspected, document purging must stop in order to avoid obstruction.
In order to eliminate accidental or innocent destruction, the Company has the following document retention policy. This policy is solely intended as a set of minimum standards for the Company, some documents at the discretion of management may be retained longer but no obligation per this policy exists to require such.
|Audit Reports, Tax Returns, Workpapers, Financial Statements, General Ledgers, and Trial Balance Journals||7 Years|
|Accounts Receivable and Payable Ledgers||7 Years|
|Bank Statements/Reconciliations||7 Years|
|Chart of Accounts||7 Years|
|Canceled Checks||7 Years|
|Capital Expenditure Records||7 Years|
|Cash Disbursement Journal||7 Years|
|Cash Receipts Journal||7 Years|
|Deposit Slips||7 Years|
|Expense Reports||7 Years|
|Expense Ledger||7 Years|
|Financial Statements||7 Years|
|Inventory Records||7 Years|
|Invoices (to customers, from vendors)||7 Years|
|Payroll Journal and Vouchers||7 Years|
|Payroll – Time Cards||7 Years|
|Payroll – Earnings Records||7 Years|
|Petty Cash Vouchers and Related Records||7 Years|
|Prepaid and Accrued Expense Journal||7 Years|
|Subsidiary Ledgers||7 Years|
|Voucher for payments to vendors, employees, etc.||7 Years|
|CORPORATE RECORDS||RETENTION PERIOD|
|Bylaws, Charter, Minute Books, Articles of Incorporation||Permanent|
|Capital Stocks and Bond Records||Permanent|
|Checks – Taxes, Property and Settlements||7 Years|
|Contracts/Agreements (still in effect) (*Inclusive of any and all documents relating to or supplementing (i.e., consumer credit card statements)||Permanent|
|Contracts/Agreements (completed) (*Inclusive of any and all documents relating to or supplementing (i.e., consumer credit card statements)||7 Years|
|Deeds/Easements/Real Estate Records||Permanent|
|Personnel Files (payroll records and summaries including records related to employee’s leave)||7 Years|
|Personnel Files (terminated employees)||7 Years after termination|
|Mortgages, Notes & Leases||10 Years|
|Tax Documents (generally anything not cited herein)||10 Years|
|General||3 Years (archive 4 Years)|
|Legal & Tax||7 Years|
|Routine – Vendor, Supplier, Customer||3 Years (archive 4 Years)|
|Accident Reports||7 Years|
|Claims – After Settlement||7 Years|
|Fire Inspection Reports||7 Years|
|Disability Reports||7 Years|
|Policies – Expired||Permanent|
|Safety Reports||7 Years|
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